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Following this news, Nintendo president Satoru Iwata has announced that he is cutting his own salary by 50%, with company directors and executives agreeing to 30% and 20% pay cuts respectively.

This decision to cut the pay of key staff by a considerable proportion when coupled with the drastically-slashed price of the 3DS suggests the company is expecting tough times ahead. But Iwata claims at least part of the reason the 3DS' price has dropped so soon is due to their experiences with the Gamecube -- a machine which he believes underperformed because of Nintendo's stubbornness to cut its recommended retail price until it was far too late.

Bloomberg reports Nintendo's stock fell by 12% yesterday, its biggest drop since January of 2009.